ICICI Pru Cash Advantage scheme offers policyholders the opportunity to meet financial requirements such as medical expenses of dependent parents, education needs of children and so on. This comprehensive scheme aids the insured in building his/her savings corpus. There are unique benefits offered under this savings and protection based plan.
Benefits of ICICI Pru Cash Advantage
The insured gets a guaranteed amount at the time of maturity of the policy.
The insured will receive a guaranteed amount as payout for 10 years after the premium payment term.
Life cover is offered to the insured during the tenure of the policy.
The insured can choose the premium payment term from a choice of 5, 7 or 10 years.
Key Features of ICICI Pru Cash Advantage
The death benefit offered under this policy is the Sum Assured + Reversionary Bonus + Interim Bonus + Terminal Bonus; Or Guaranteed Maturity Benefit (GMB) + Reversionary Bonus + Interim Bonus + Terminal Bonus; Or Minimum Death Benefit, whichever is the highest.
On a monthly basis the guaranteed cash benefit paid out to the insured after the premium payment term is 1% of the Guaranteed Maturity Benefit (GMB).
On an annual basis the guaranteed cash benefit paid out to the insured after the premium payment term is 11.5% of the Guaranteed Maturity Benefit (GMB).
The maturity benefit offered under this policy is the Guaranteed Maturity Benefit (GMB) + Reversionary Bonus + Terminal Bonus (if any); Or 100.1% of the premiums paid so far less the Guaranteed Cash Benefit (GCB) received, whichever is the highest.
The policy term consists of the premium payment term + the payout term.
For 5 year premium payment term – 15 years
For 7 year premium payment term – 17 years
For 10 years premium payment term – 20 years
Mode of Premium Payment
Premium can be paid on a monthly, half-yearly or annual basis.
Mode of Cash Benefit
Cash Benefit will be paid out either on a monthly basis or an annual basis.
Eligibility Criteria for ICICI Pru Cash Advantage
Maximum age at entry
Minimum age at entry
For 5 year premium payment term – 3 years
For 7 year premium payment term – 1 year
For 10 years premium payment term – 0 years
Minimum age at maturity
Maximum age at maturity
Minimum annual premium
For 5 year premium payment term – Rs. 30,000
For 7 year premium payment term – Rs. 18,000
For 10 years premium payment term – Rs. 12,000
How the ICICI Pru Cash Advantage Plan Works
The life assured must choose the premium amount, premium payment option and mode, sum assured and the mode for receipt of cash benefit, at the time of policy inception. Once these details are finalized, the Guaranteed Maturity Benefit (GMB) and the Guaranteed Cash Benefit (GCB) will be calculated. Age and gender are other factors that will affect the determination of these benefits. In this ICICI Prudential Life plan Guaranteed Cash Benefit will be paid out after the premium payment term is over.
GST of 18% is applicable on life insurance effective from the 1st of July, 2017
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I have taken my term insurance from ICICI prudential. I have trusted this bank because its a top most high, that is the reason i have chosen them. I'm happy about the claim ratio. I'm satisfied with the sum assured amount. I have chosen the annual payment mode after 1 year, i will change the payment mode on a monthly basis.
I took my life insurance policy from ICICI prudential and the agent cheated by saying the benefits. In this plan, i need to pay for 7 years with the amount of Rs. 50000. Once i paid the money, there is a lock in period of 8 years but the interest rates are getting less and i feel like end of the term i won't get any additional benefit.
Earlier i was having a life insurance policy from ICICI Prudential. Agent were explained me about the policy details. They said my money will get doubled after 5 years hence i have paid the premium amount of Rs. 25000 annually for 3 years and there is a lock in period for 2 years. Once i went to withdraw the policy i got Rs. 1000 extra.
I have taken term insurance with ICICI PRUDENTIAL on 4 years before. They have updated same policy so I discontinued old one and opened new policy. It is a term policy with tenure period of 30 years. I use to pay premium amount on annual basis of 18K. Agent has provided all the details and I received soft copy. One drawback with this insurer is their rates are high.
Taken my life insurance policy from ICICI Prudential one of my friend has recommended me about this policy. It was a systematic investment plan. I have paid the premium amount of Rs. 1,500 on every month. Total term period of policy is 3 years.
My life insurance was taken from ICICI Prudential. I have a kid so that i have thought of investing them . ICICI people have suggested me a good product based on my investment amount. If i invest of Rs. 1 lakh per year for the payment of 6 years and the next 15 years, i don't need to pay any money after 21 years, i get some lumpsum sum assured amount. They are providing the life insurance policy worth of Rs. 10 lakhs for myself. They will give some ULIP when i pay the premium. Its a market based policy.
On 5 years before I have taken a life insurance from ICICI PRUDENTIAL. The policy is for 15 years. I am paying premium in the annual package the amount of 13 thousands which is nominal. It is a retirement policy for the amount of 15 lakhs. While getting a policy my agent has given an information about the policy details. It covers my whole family.
I took term insurance policy with ICICI PRUDENTIAL on one year before , they have given clear details about benefits and are good. The agent has given hard copy documents on time. My premium is paying through credit card on monthly basis for 14 thousands. The tenure period for 20 years.
I have taken a life insurance in ICICI PRUDENTIAL on 6 months before. The policy is for 15 years. Now I am paying premium for 25 thousands rupees. While getting a policy my agent has given an information about the policy details, however there are some charges applicable.
My term insurance is with ICICI Prudential because of the good benefits. The tenure is 2years, if Incase any demise happened then nominee would be getting 2L from the insurer. I am paying monthly Rs.258 through ECS. The customer service is not up to the mark.
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Reviewed on Oct 10, 2019
ICICI prudential is providing me a best policy so i have taken them. Its ULIP (Unit Linked Insurance Policy) policy. I am paying the premium amount of Rs. 30000 every year. I pay the sum assured amount of Rs. 2.10 lakhs. I used to pay the premium through online.
ICICI Prudential premium was less for my life insurance so i chosen. I am holding the policy for past 3 years and they are providing me a satisfactory coverage amount. This is a term policy. Its covers with the accidental cover and disability cover.
My husband is working in ICICI Prudential so have taken 2life insurance policy. They are giving better benefits than others. I am not sure about the tenure details and premium because it has been dealt by husband. The payment mode is online.
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Reviewed on Sep 29, 2019
I have taken an accidental policy with ICICI prudential. They have insured me 1crore and the premium is very low which am happy. I have taken the policy last year and got the insurance paper on time. They are offering information time to time and the response was very nice.
From ICICI Prudential I took term plan it has the premium Rs. 511 per month, if there is any accident at the time the family member get Rs. 10 lakhs of coverage. They gave me the acknowledge from their end but response is lacking and I feel its not good plan which has other benefits after the maturity.
I want to all the financial portfolio to be with ICICI hence i am using all the services through ICICI so i took the term insurance policy from ICICI prudential. I am paying the premium amount of Rs. 10000 every year and this policy has coverage value of Rs. 50 lakhs. This covers upto 75 years of my age.
I am having a good relationship with ICICI BANK so I have taken life plan from ICICI Prudential. I need to pay the premium for 7 years and the maturity is 10 years. I am paying monthly 5K through auto debit and am not sure about the benefits. I got the insurance paper.
My company has provided me a life insurance policy from ICICI Prudential. Its a life insurance policy which gives for the customer who takes the loan. This policy has a coverage value of Rs. 10 lakhs. I'm paying the premium amount of Rs. 5000 and i have chosen the annual payment mode.
Bought my term plan from ICICI Prudential and i have closed the fore-closed policy from ICICI prudential which is a pension policy and wealth plus hence i have chosen the term plan. It was a ULIP plan earlier. In this ICICI terms, critical illness also covered. I am satisfied with the coverage value. I need to keep a balance in my account when they are taking a premium.
The money which i invested its not in a growth mode hence i won't recommend the Life insurance policy from ICICI Prudential. That time I was an agent for ICICI thats the reason, i have taken this policy. I am paying the premium amount of RS. 14000 in a yearly basis. Total sum assured amount is Rs. 2 to 5 lakhs. No one has contacted me from ICICI. This is a market based policy.